E18-16 E18-35 P18-9 P18-11 P18-9LOS. Recognition of Profit en Lengterm. Contract Shanahan Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex It is estimated that the complex will take 3 years to construct. Additional information follows. Estimated cost of complex Amount to be billed to the purchasing company 600,000 900,000 The following data pertain to the construction period Costs to d Estimated Progress Cash collo 20301 270,000 330,000 270,000 240,000 2021 450,000 150,000 550.000 500,000 2022 610.000 0 900,000 900.000 Instructions: (a) Using the percentage-of-completion method, compute the estimated gross profit to be recognized during cach year of the construction period. 2020 2021 2022 Calculation of gross profit to be recognized 2020 2021 2022 (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period